These days we need to do all we can to boost our retirement savings, and tax breaks can help. To build your individual retirement account and maximize your potential savings, consider these IRA moves to make: Open an IRA as soon as you can. The earlier you start, the longer your savings will compound tax-deferred.…
It’s easy to lose track of beneficiaries you’ve assigned to your key accounts and other important documents. Should something happen to you, this situation can create a mess. The press is filled with examples of what can go wrong. For example, look at the mess created with singer-songwriter Prince’s estate after he died in 2016…
Here are several time-tested tax planning strategies to help you this year. Check your withholding. Confirm you have the right amount withheld from your paycheck for the balance of the year. It’s especially important to review if you recently had a change in income, or you’ve experienced a big life event, like a new child…
Tax law changes are as uncertain as ever Tax law changes are as uncertain as ever, as Congressional bills are often stuck with a split Senate and individual representatives debate differing agendas. Given this uncertainty, the best tax advice is to stay flexible. But what about the economy and new inflationary challenges? Here is a…
Welcome to another interesting and challenging tax filing season. As you start putting together your materials to file your tax return, here are the major changes and how you can help make your situation easier. Economic impact payments. Millions of taxpayers qualified to receive economic impact payments from the IRS during 2021. Now comes the…
You probably take your car in for regular tune-ups, but what about your estate plan? All too often, people develop an estate plan and then stick it in a drawer or file cabinet where it gathers dust. It’s a good idea to review the plan at least once a year to see if it’s still…
Here are several tax moves to consider as 2021 comes to a close. Accelerate income into 2021. Income tax rates may increase in 2022, with the top income tax rate projected to increase from 37% to 39.6%. If it makes sense, take advantage of 2021’s 37% rate by accelerating income into 2021 and deferring deductions…
Tips everyone should know Fair market value (FMV) is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts. Source: IRS Publication…
Some tax planning tips for mutual fund investors From a tax planning viewpoint heading into the 2021 tax season, here are some great mutual fund tips to avoid a tax surprise. Unless noted otherwise, these tips assume your mutual fund investment is outside of a retirement account like a 401(k) or traditional IRA. Long-term gains…
Capital loss, casualty loss or net operating loss — a loss by any name causes a financial setback. It’s something no one likes to think about, much less experience. But if you do suffer a loss, tax laws may provide a measure of relief in the form of a refund or lower taxable income. Here…
Keefe McCullough 